Half Year 2019 BW LPG Ltd Earnings Call Transcript

Feb 13, 2024

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Aug 29, 2019 / 08:00AM GMT
Operator

Hello, everyone, and welcome to the BW LPG Q2 2019 Earnings Release Call. (Operator Instructions) I will now hand the call over to your speakers. Please begin.

Martin Ackermann - BW LPG Limited - CEO

Welcome to BW LPG Second Quarter 2019 Financial Results Presentation. We will begin shortly. Thank you very much. Welcome to the presentation of BW LPG's results for the second quarter of 2019, the financial period ending 30th of June. I'm joined by our CFO, Elaine Ong, as always, and we appreciate your interest, and we will take questions at the end of the call.

The Baltic Index for VLGCs went up significantly by 129% in the second quarter of 2019 compared to the previous quarter, averaging at $49.8 per ton or $34,300 per day. VLGC freight rates started to recover since the end of the first quarter, and the positive momentum continued in the second quarter. In Q2, U.S. domestic LPG consumption has dropped to seasonally low levels and U.S. production remained strong. Consequently, U.S. exports reached the highest in history, driving up the VLGC utilization

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